According to Whale Alert, there were two tranches of Dogecoin (DOGE) worth 104,125,016 DOGE or $32.6 million each. Both were sent from unknown wallets directly to Coinbase, the major U.S. crypto exchange. What catches the eye is that both are identical in amount.
What is different is the wallets of the senders. They are “DGVgxt” and “DEkMb,” and both made transfers to Coinbase’s “DManxE4.”
In the common perception of crypto market participants, such transfers are seen as a large investor’s intention to sell. So when a whale deposits a large sum on an exchange, especially one as large as Coinbase, it’s to sell its holding on the most liquid platform.
Whether that’s the case this time is unknown, but the fact is that both wallets belong to one entity, otherwise such a coincidence is impossible. Perhaps these wallets belong to Coinbase itself, so the whole transfer saga may be nothing more than the exchange’s internal operations.
🚨 🚨 104,125,016 #DOGE (32,601,617 USD) transferred from unknown wallet to #Coinbasehttps://t.co/LpGp2JwJkY
— Whale Alert (@whale_alert) February 2, 2025
Meanwhile, the price of Dogecoin continues to fall in line with the broader market. Since the beginning of the week, DOGE has lost over 12.5%, making a total loss since the year’s highs, and we are just one full month into 2025, worth over 31%.
Currently, DOGE is trading at $0.29, which is the lowest since mid-December. Whether the price of the major meme coin will find support remains an open question. But if the recent transfers are indeed a whale depositing tokens to sell on Coinbase, and capitulating in the process, then this could be a very bearish signal for Dogecoin.
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